Lumo Analytics closes seed funding round

Lumo Analytics Oy, which develops analytical services for ore exploration and for the mining industry, have partnered with the private equity company Midinvest Management Oy, when a private equity fund managed by Midinvest made a significant investment in the company. The investment was part of a seed funding round that closed at the turn of 2021–2022. An international industrial investor and angel investors also participated in the round in addition to Midinvest.

Lumo Analytics is a spin-off company from Aalto University, where the utilization of laser spectroscopy in geology has been studied. Lumo Analytics Oy was founded in April 2021 and currently employs six people. The company is developing analytical equipment and associated services that allows geoscientists and metallurgists to quickly determine the elemental and mineral composition of rock samples. Based on the analyzes, ore exploration, mining and mineral processing can be controlled and optimized more precisely than before. This not only saves time and money, but also reduces the environmental impact of mineral exploration and mining.

Still today, rock samples – typically drill cores – drilled during mineral exploration and in operating mines, are initially studied only by eye and based on sparse point measurements. More accurate analytical results are typically returned weeks later when the drill core samples have been sent for laboratory analysis. The delay in obtaining accurate and representative analyses impairs the efficiency and effectiveness of mineral exploration and mining. Lumo Analytics solves this challenge with its own mobile solution, which can be taken to any site where exploration drilling takes place. The challenge is universal and familiar to all players in the industry.

“Finland is an excellent environment for the development of our technology and services, as there are a wide range of mines and a lot of ore exploration activity here. In addition, Finland is also home to renowned research institutions withing this field , as well as a long standing and innovative geological survey. However, the largest market areas in the mining industry are located elsewhere, so our focus is on the global market, where it is possible to achieve the greatest impact,” says Antti Kotanen, a CEO of Lumo Analytics.

“Global mineral resources are becoming increasingly difficult to exploit, and at the same time, for example the electrification of transportation to reduce CO2 emissions, requires more and more raw materials. We believe that Lumo Analytics’ innovation will bring precision to ore exploration and thereby help the mining industry reduce its use of energy and water, as well as the extraction of side rock, and thus contribute to a more sustainable industry,” says Jukka-Pekka Nikula, a CEO of Midinvest Management Oy.

“With the seed funding, we are able to focus on developing the first commercial device and service. The first deployments for the selected customers are planned to take place during 2022,” says Antti Kotanen.

More Information
CEO Antti Kotanen, Lumo Analytics Oy, tel. +358 50 581 6319
CEO Jukka-Pekka Nikula, Midinvest Management Oy, tel. +358 50 539 9378

Midinvest Management Oy is a private equity investor that focuses on ownership arrangements and financing growth for small and medium-sized companies. The largest investors in the funds managed by Midinvest are Finnish institutional investors. Midinvest funds currently have 15 target companies.

Lumo Analytics Oy develops rock sample analysis services for ore exploration and the mining industry. The company operates in Helsinki and has six employees.